Hyderabad-based Penna Cement Industries Ltd (PCIL), a privately-held cement company, has received SEBI approval for its Rs 1,550-crore Initial Public Offering (IPO).
The company intends to use the funds for payment of certain borrowings and general corporate purposes, according to its DRHP filing.
PCIL had filed draft paper with SEBI in November.
Read more:Penna Cement files Rs 1,550 crore IPO papers with SEBI
Penna Cement’s IPO will consist of a fresh issue of up to Rs 1,300 crore and an Offer for Sale of up to Rs 250 Crore by company’s promoter PR Cement Holdings Ltd.
Edelweiss Financial Services, IIFL Holdings, JM Financial and YES Securities (India) are the book running lead managers to the issue.
The company plans to utilise the IPO proceeds for repayment and pre-payment of certain loans and for general corporate purposes.
Following the IPO, the firm will list its shares on the BSE and the NSE.
Penna Cement has four integrated manufacturing facilities and two grinding units in Andhra Pradesh, Telangana and Maharashtra, with an aggregate cement production capacity of 10 million tonne per annum as of June 30, 2018.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.